Ministry of Trade, Industry and Energy

Trade Minister meets Eurasia Group President

Minister for Trade Inkyo Cheong met with Eurasia Group President Ian Bremmer on September 11 in New York City and discussed measures for deeper Korea-U.S. cooperation amid the changing trade environment. date2024-09-13

Korea to host 1st World Standards Forum in Seoul in 2025

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) attended the General Assembly of the International Organization for Standardization (ISO/GA) held from September 9–13 in Cartagena, Colombia, and announced today that the first World Standards Forum will kick off in Seoul in December 2025. Having discussed the launching of a business-led global standards forum for some time, the ISO, the International Electrotechnical Commission (IEC), and the International Telecommunication Union (ITU) officialized plans for the World Standards Forum on the occasion of ISO/GA. The World Standards Forum was proposed by ISO President Sung Hwan Cho’s to the World Standards Cooperation (WSC) with aim to create a next-generation standards forum addressing worldwide issues such as artificial intelligence (AI) and climate change with the participation of global business leaders.  Held under the theme of “Standards for a Better World,” the World Standards Forum 2025 will share best practices and facilitate open discussions on standards strategies from a business perspective among world-leading CEOs and CTOs.  The event is anticipated to serve as an opportunity for strengthening Korean companies’ international standards leadership through strategic cooperation and establishment of collaboration channels with global firms in line with the national standardization strategy for advanced industries announced by the Korean government this May.   date2024-09-12

IPEF partner countries to simulate first mock drill for supply chain crisis response

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Indo-Pacific Economic Framework for Prosperity (IPEF) partner countries will conduct a mock drill to simulate supply chain emergency response on September 13 (local time) in Washington D.C. under the leadership of Korea, which was elected as the inaugural chair of the Crisis Response Network (“CRN”). CRN is a network created under the IPEF to foster collaboration during supply chain disruptions. The mock drill will simulate a situation where a partner “Country A” requests Korea to convene an emergency meeting owing to damages from a logistics crisis incurred by global anxieties. The objective of this first drill lies in helping partners grasp the CRN mechanism. Any deficiency discovered during the drill will be addressed through necessary measures such as amendment of rules, system improvements, and joint projects if needed. In the drill, the group assigned as “exporter countries” will propose detailed support measures such as increasing production output through existing contacts, finding alternative suppliers, and expediting customs and shipping. Meanwhile, the importer group of partners including Country A is to share stockpile status and seek ways for price stabilization through demand control such as restricting the act of market cornering. Partners can also consider sourcing from non-partner countries outside of IPEF. This mock drill is significant in that it takes stock of vulnerable items of the 14 partner countries’ supply chain and examines feasible measures prior to the occurrence of an actual emergency in order to establish a swift and systematic response process. Minister Dukgeun Ahn underscored that now is the time when multilateral cooperation-based collective resilience is required, as when and where a supply chain crisis will occur is unknown.  According to the CRN roadmap MOTIE announced today, mock drills are to be held twice a year based on various scenarios involving pandemic outbreaks, natural disasters, and supply chain bottlenecks. Next year, Korea plans to host an in-person drill alongside its regular CRN meeting. During the two years of chairmanship, Korea aims to manage CRN in ways that can tangibly benefit partner countries by constructing initiatives to support the region’s developing countries bolster supply chain resilience and establishing a mechanism for sharing best practices and policies on supply chain crisis response.   date2024-09-12

Korea and Philippines hold 3rd Joint Commission for Trade and Economic Cooperation meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Philippines Joint Commission for Trade and Economic Cooperation (“Commission”) meeting via videoconference with the Philippines’ Department of Trade and Industry on September 12 to discuss the Korea-Philippines Free Trade Agreement (FTA) and measures for cooperation in areas like shipbuilding and eco-friendly vehicles.   The first ASEAN country with which Korea established diplomatic relations, the Philippines is currently home to approximately 300 Korean firms that are locally operating on the islands and contributing to bilateral economic cooperation.   Convened after a two-year hiatus, the Commission meeting was led by Korea’s Deputy Minister for Trade Yang Byeong-nae and the Philippines’ Assistant Secretary for Industry Development and Trade Policy Allan B. Gepty as Chief Delegates heading their respective delegations. The Chief Delegates assessed the Korea-Philippines FTA (signed in September 2023) as a major milestone in bilateral efforts to expand economic cooperation and agreed to take steps for the Agreement’s swift entry into force. Moreover, the two sides shared the progress on their agendas under the Indo-Pacific Economic Framework for Prosperity (IPEF), for which they have engaged in cooperation since its initial launch, and concurred on making joint effort to produce tangible outcomes.   By leveraging the Philippines’ archipelagic advantage and Korea’s shipbuilding competitiveness, the two sides are aiming to seek collaboration prospects across various areas such as offshore wind power and ship maintenance, as well as expanding cooperation in eco-friendly vehicles including the development of electric buses to run in the Philippines.   Next, the Korean delegation shared its energy policy directions and introduced Korea’s Carbon Free Energy (CFE) Initiative and other climate change response endeavors, to which the Philippines expressed hope for future collaboration in energy security, carbon reduction, and various related areas. They also agreed to launch working-level talks on measures to strengthen cooperation in critical raw materials. date2024-09-12

Trade Minister chairs Investors Roundtable in N.Y.

Minister for Trade Inkyo Cheong chaired the Investors Roundtable on September 11 (local time) in New York City with the participation of representatives from U.S. companies, including UPS, DuPont, Factorial Energy, EMP Belstar, and Morgan Stanley, where he gave opening remarks and discussed global trends, plans for investment in Korea, and related issues. date2024-09-12

Trade Minister holds investment declaration ceremony in N.Y.

Minister for Trade Inkyo Cheong received the investment declaration submitted by UPS Vice President of State Government & Public Affairs at UPS Axel Carrión on September 11 (local time) in New York City for upgrading the cargo terminal logistics system at Incheon International Airport. date2024-09-12

Advanced materials and logistics companies pledge $83.6 mln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on September 11 that United Parcel Service (UPS), Toray Advanced Materials Korea, and a semiconductor specialty gas manufacturer (“Company A”) submitted investment declarations worth approximately USD 83.6 million (KRW 112 billion) during Trade Minister Inkyo Cheong’s visit to the U.S. The world’s largest package delivery service company UPS currently operates a logistics business in Korea centering around its air express hub at Incheon International Airport (ICN). The multinational shipping company has pledged investment to advance its freight handling system at ICN, which is viewed to strengthen Korea’s logistics industry competitiveness through expedited services. Alongside the UPS' investment declaration, two other companies pledged investment during the trade chief's visit to the U.S. Toray Advanced Materials Korea, a global supplier of advanced material solutions, plans to expand facilities for producing polyester film, an advanced material used in the manufacturing process for displays and multilayer ceramic condensers (MLCCs). Meanwhile, Company A, producer of specialty gases used in the etching and cleaning process for manufacturing semiconductors, plans to expand facilities for producing specialty gases used for leading-edge chip manufacturing. These investments are expected to not only expand the advanced materials production base in Korea but also help stabilize the domestic chip industrial supply chain. On the heels of the investment declaration ceremony, Trade Minister Cheong attended the Investors Roundtable and discussed global industry trends as well as plans and issues concerning investments in Korea with representatives of DuPont, UPS, Emp Belstar, Factorial Energy, and Morgan Stanley.   MOTIE will be assigning ministry officials to take exclusive charge of each project for the swift and smooth facilitation of the declared investments and take steps to attract new foreign direct investment (FDI) in advanced industry sectors like semiconductors, secondary batteries, bio, and electric vehicles (EVs) to spur the economy and attain this year’s FDI target of $35 billion. date2024-09-12

Trade Minister meets U.S. Deputy Secretary of Commerce

Minister for Trade Inkyo Cheong held talks with U.S. Deputy Secretary of Commerce Don Graves on September 10 in Washington D.C. on bilateral trade issues such as the Indo-Pacific Economic Framework for Prosperity (IPEF) and the Inflation Reduction Act (IRA). date2024-09-11

Trade Minister Cheong holds talks with U.S. Representative Young Kim

Minister for Trade Inkyo Cheong met U.S. Representative Young Kim on September 10 in Washington D.C. and discussed Korea-U.S. trade issues. date2024-09-11

Trade Minister holds talks with former U.S. Representatives

Minister for Trade Inkyo Cheong held talks with former U.S. Representatives Ron Kind, Jim Davis, and Tom Davis (videoconference) on September 10 in Washington D.C. and discussed Korea-U.S. trade issues. date2024-09-11